Page 22 - Parsons and Parsons Corp ODD EE Guide 1 1 17_FINAL 11.1.16
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Benefits For Your Peace of Mind
SUPPLEMENTAL BENEFITS
MetLife | Group Variable Universal Life
Life insurance protects your family or other beneficiaries in the event of your death while you are still actively employed with the
company. Parsons offers you the opportunity to purchase Group Variable Universal Life (GVUL) insurance at discounted group
rates, provided by MetLife.
Employee
You may purchase coverage for yourself in amounts from 1-6x your base salary up to a maximum benefit of $3,000,000.
Guarantee Issue: Coverage elections of up to 3x your base salary up to $600,000. If you apply for coverage of 4-6x your base salary
up to $3,000,000, coverage is subject to medical evidence of insurability. After your initial enrollment, you may enroll for life
insurance coverage any time, however, you will be required to submit medical evidence of insurability for all coverage amounts.
Spouse or Domestic Partner
If you buy coverage for yourself, you may also purchase coverage for your eligible spouse or domestic partner via a term rider
attached to your policy of $5,000, $10,000, $25,000, $50,000, $100,000, $150,000, $200,000, or $250,000. Coverage amounts
cannot exceed 100% of your coverage. Coverage for your spouse or domestic partner is available to age 70.
Guarantee Issue: $50,000. Any coverage above $50,000 requires evidence of insurability.
Child(ren)
If you buy coverage for yourself, you may also purchase coverage for your eligible dependent child(ren). via a term rider attached
to your policy, of $5,000 or $10,000. Coverage is available for children ages 15 days to 18 years (or age 21, if a full-time student in
higher education beyond high school).
Accelerated Benefits Options
If you are diagnosed as terminally ill with 12 months (24 months in Massachusetts and Illinois) or less to live, you have the option
to elect a reduced settlement amount prior to your death. Please review the contract for details.
Guarantee Issue
Amounts above guarantee issue are available if you provide evidence of insurability. To provide evidence of insurability, you will
be asked to complete a health questionnaire and are subject to insurance carrier approval. MetLife may approve or decline
coverage based on a review of your health history.
For special events, such as having a baby, buying a home, or getting married, you can increase your coverage by one salary
multiple, provided you notify MetLife within 31 days of the event. If you receive a raise, your coverage level will increase effective
January 1 of the year following the salary increase. You can increase or decrease your coverage any time during the year. Changes
in an age category due to an employee date of birth will become effective the first day of the month following the date of birth.
Contacting MetLife
For more information or to enroll, call MetLife at (800) 846-0124 or visit https://mybenefits.metlife.com. To
make changes to existing coverage, call MetLife at (800) 756-0124 or visit https://mybenefits.metlife.com. If
you retire or leave the company, you can continue your full coverage amount by calling (800) 846-0124.
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